H.I.G. Money to Acquire Travis Perkins Plc’s British isles Plumbing & Heating Organization

LONDON–(Enterprise WIRE)–H.I.G. Funds, LLC (“H.I.G.”), a leading international alternative investment agency with above €36 billion of fairness funds below management, is pleased to announce that 1 of its affiliate marketers has signed a definitive agreement to receive Travis Perkins Plc’s Plumbing & Heating enterprise (the “Company” or “P&H”), one of the UK’s primary plumbing, heating, and lavatory linked products and solutions professional retailers. The divestiture is valued at around £325 million, and the transaction is expected to be finished in just the next 3 months, pursuing regulatory acceptance.

Headquartered in Northamptonshire, P&H operates less than its major trading makes Metropolis Plumbing Materials (CPS) and Plumbing Trade Answers (PTS), with over 350 branches throughout the Uk and Ireland, alongside various expert on-line outlets like The Underfloor Heating Retail store, Immediate Heating Spares, PlumbNation, and Nationwide Shower Spares. The Organization, led by Dave Evans and supported by an expert senior leadership group, serves trade customers and customers across the residential and professional design categories.

H.I.G.’s financial investment will guidance P&H in its transition to an impartial corporation and accelerate its consumer-targeted enlargement in the United kingdom and Eire.

Dave Evans, CEO of P&H said: “The sale to H.I.G. is fantastic information for P&H and its stakeholders. We are recognised as a sector leader across many of our businesses and the classes they operate in and I am incredibly thrilled to work with the staff at H.I.G. to capitalise on the huge opportunity for growth we have within the British isles and Eire. We are well positioned to drive ahead with our programs for advancement by establishing extra client-centered propositions shipped by over 3,000 dedicated staff customers. I search forward to creating an even more robust company in the coming decades.”

Markus Noe-Nordberg, Handling Director and Head of the H.I.G. European Middle Market LBO group, which led the transaction, commented: “We are thrilled to welcome the Plumbing & Heating small business from Travis Perkins into the H.I.G. relatives. H.I.G. has had great achievements investing in speciality distribution belongings, and we will use this practical experience to help management in maximising the Company’s possible. This transaction is an suitable suit with our investment decision mandate and as soon as far more underscores H.I.G.’s means to execute on sophisticated transactions such as carve-outs.”

Tobias Borkowski, Principal at H.I.G. Europe, extra: “We believe that the Company, as a freestanding company, can far better serve the person desires of its buyers, and speedily increase its trustworthy interactions with suppliers. We are thrilled to husband or wife with Dave and his entire crew and search forward to supporting the Company’s continued growth.”

Skadden, Arps, Slate, Meagher & Flom LLP is acting as lawful counsel to H.I.G. Funds. Morgan Stanley is acting as money advisor and Linklaters LLP as legal counsel to Travis Perkins Plc.

About H.I.G. Money

H.I.G. is a major world wide personal equity and different assets expense business with over €36 billion of equity funds beneath management.* Primarily based in Miami, and with European workplaces in London, Hamburg, Madrid, Milan, Paris, and U.S. and Latin American places of work in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both of those credit card debt and fairness capital to small and mid-sized companies, making use of a versatile and operationally concentrated/ worth-included solution:

1. H.I.G.’s equity resources commit in administration buyouts, recapitalizations and company carve-outs of both of those successful as effectively as underperforming producing and assistance enterprises.
2. H.I.G.’s financial debt resources invest in senior, unitranche and junior personal debt funding to businesses throughout the sizing spectrum, the two on a key (direct origination) foundation, as properly as in the secondary markets. H.I.G. is also a foremost CLO supervisor, by means of its WhiteHorse spouse and children of automobiles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s actual estate resources make investments in benefit-included qualities, which can benefit from improved asset administration practices.

Considering that its founding in 1993, H.I.G. has invested in and managed a lot more than 300 organizations all over the world. The firm’s present portfolio consists of much more than 100 organizations with mixed income in surplus of €27 billion. For extra facts, you should refer to the H.I.G. web site at www.higcapital.com.

* Centered on complete funds commitments managed by H.I.G. Cash and affiliate marketers.